Part of how Broke-A$$ Brothas get broke is procrastination. There is still time for you to make a commitment to a program of retirement planning and investing to plan for your future ... and the future of your progeny.
- Commit to saving for retirement. - Just hoping that you'll have enough money for retirement is not a smart strategy. Social Security alone won't cut it It's wiser to take control of retirement planning yourself by investing in company 401(k) plans and IRA accounts. Also, make a plan to save on a regular basis, whether you start with $50 a month or $5,000 a year.
- Create and adhere to a financial plan. - Having a plan enables you to how you can help your family in the fugure. For example, opening and contributing to a college saving fund gives you a sense of relief. There are many people who earn good income but don't think ahead for college education until the children are ready for college. President Obama wants to reduce the cost of college education ... but, we need to do our part.
- Don't waste your money. - You want to grow your money not throw your money away. Don't depend on winning the lottery as an investment or retirement fund. Look to investment vehicles such as stocks, bonds and mutual funds. Real estate is also a definite idea for you to consider.